Essay
Unit 8 P3 & M1
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Apologies for the late upload and for all my units I got Distinctions.
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In this task, I am going to explain the benefits of using a computerised accounting system andCompare the benefits of using manual and computerised accounting systems to record
business transactions.
What are manual accounting systems?
A manual accounting system is a way of keeping business financial records with a written
ledger of transactions.
A manual system costs less because there is no expense for computer equipment, software
and employee training.
Manual systems work best for smaller businesses and don't work well in companies with
large numbers of financial transactions. Using paper requires that the bookkeeper be more
knowledgeable in basic accounting principles than is necessary for an employee using
accounting software. This makes it more challenging to find suitable employees to keep
books, as fewer companies use manual accounting and more use computerized systems.
Advantages of a manual accounting system:
Applies to any business
Easier to set up
Can be more flexible than a computerised accounting system
More secure
Does not need electricity or batteries
Cheaper
Disadvantages of a manual accounting system:
May be a victim of human error
Longer to generate reports
More suited to smaller businesses
Can take longer
What are computerised accounting systems?
Computerised accounting refers to using computers for a range of accounting tasks.
Computers handle a broad collection of tasks. Point-of-sale systems are often tied directly to
accounting software, enabling instant updates. In addition, modern systems can provide a
number of logical reports with useful insights.
List and explain 5 manual systems:
1.Sales ledger:
A sales ledger normally records:
the sales your business has made
the amount of money received for your goods or services
1
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